The global natural health product market is on a promising trajectory, with a projected valuation of USD 23.54 billion in 2023, expected to climb to USD 38.55 billion by 2033. The market is set to grow at a steady CAGR of 5.3% during this period. This substantial growth is driven by increasing consumer awareness of health benefits, the economic contributions of natural health products, especially in developing countries, and the rising demand for organic and naturally sourced ingredients.
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Several factors are expected to surge the demand for natural health products over the next decade.
- Consumers are increasingly opting for healthier lifestyle choices, which include natural health products. The protein trend is gaining significant traction worldwide, with global producers developing protein-fortified food products that offer nutritional benefits.
- High-profile endorsements by celebrities like Novak Djokovic and Jessica Alba, who advocate for gluten-free diets, have popularized the use of naturally sourced proteins. This trend is significantly boosting the market for natural health products.
- Innovations in snacks, such as the use of multi-whole-grain flour in extruded snacks and chips, are expanding the market base among health-conscious consumers.
- Natural health products are sold at higher profit margins compared to traditional foods. This profitability is due to strong branding and approvals from global food authorities, presenting favorable opportunities for market players and contributing significantly to the economies of developing countries.
Regional Insights
- Dominating the market with a nearly 30% share in 2021, North America’s growth is driven by the presence of key players and the widespread availability of natural health products in restaurants. The United States holds around 84% of the North American market share in 2023 and is expected to grow at a CAGR of 3.9%.
- The fastest-growing market, driven by increasing awareness of the benefits of natural health products. The region’s growth is attributed to the rising middle-class population and economic development, especially in countries like India, which holds a 32% share of the South Asia market in 2023.
- Germany leads the European market with a 17% share in 2023. The growing health consciousness among the Gen Z and millennial population in Germany is a key factor driving market growth.
Category-Wise Insights
Conventional Natural Health Products: Dominating the nature segment with an 87.4% share in 2023, conventional natural health products are expected to grow at a CAGR of 4.6%.
Top-Selling Product Types: Natural health products lead the product type segment, holding more than 56% share in 2023, with a CAGR of 4.3%.
Competitive Landscape
The natural health product market is highly competitive, with key players continually innovating and expanding their product portfolios. Recent developments include:
- General Mills investing USD 2.3 million in advancing regenerative agriculture in Canada.
- ADM opening a new extrusion facility in Serbia to meet the growing demand for textured soy proteins.
Top 3 Market Players:
- Bremner Foods Ltd. focuses on producing premium food products with significant health benefits. Their fruit juices are known for high antioxidant content and promoting good urinary tract health.
- Cargill Inc. is renowned for its commitment to scientific expertise and innovation. The company supports various health initiatives and product developments globally.
- GFR Pharma emphasizes quality and competitive pricing, offering a wide variety of dosage formats and packaging options.
Start-Up Ecosystem
The start-up ecosystem is thriving, with new companies adopting innovative strategies to serve the market.
- Imperfect Foods sells surplus fruits and vegetables at discounted prices, gaining significant traction post-pandemic and raising over USD 130 million through venture capital.
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